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Archive for March, 2009

Quotes From Dr. Thomas Sowell

March 09, 2009 By: Phred Category: Uncategorized

I have written about Dr. Thomas Sowell here before.  I think he is possibly the smartest man in the country.  I scoured the interweb and found a bunch of great quotes from him.  Enjoy.

“People who talk incessantly about “change” are often dogmatically set in their ways.  They want to change other people.”

“Much of the social history of the Western world over the past three decades has involved replacing what worked with what sounded good.  In area after area – crime, education, housing, race relations – the situation has gotten worse after the bright new theories were put into operation.  The amazing thing is that this history of failure and disaster has neither discouraged the social engineers nor discredited them.”

“One of the sad signs of our times is that we have demonized those who produce, subsidized those who refuse to produce, and canonized those who complain.”

“The next time some academics tell you how important ‘diversity’ is, ask how many Republicans there are in their sociology department.”

“The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it.  The first lesson of politics is to disregard the first lesson of economics.”

“Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated.”

“A recently reprinted memoir by Frederick Douglass has footnotes explaining what words like ‘arraigned,’ ‘curried’ and ‘exculpate’ meant, and explaining who Job was.   In other words, this man who was born a slave and never went to school educated himself to the point where his words now have to be explained to today’s expensively under-educated generation.”

“No matter how disastrously some policy has turned out, anyone who criticizes it can expect to hear: “But what would you replace it with?”  When you put out a fire, what do you replace it with?”

Capitalism knows only one color: that color is green; all else is necessarily subservient to it, hence, race, gender and ethnicity cannot be considered within it.

“Each new generation born is in effect an invasion of civilization by little barbarians, who must be civilized before it is too late.”

“If you are not prepared to use force to defend civilization, then be prepared to accept barbarism.”

“If you have always believed that everyone should play by the same rules and be judged by the same standards, that would have gotten you labeled a radical 60 years ago, a liberal 30 years ago and a racist today.”

“It is amazing that people who think we cannot afford to pay for doctors, hospitals, and medication somehow think that we can afford to pay for doctors, hospitals, medication and a government bureaucracy to administer it.”

“Liberals seem to assume that, if you don’t believe in their particular political solutions, then you don’t really care about the people that they claim to want to help.”

“Mistakes can be corrected by those who pay attention to facts but dogmatism will not be corrected by those who are wedded to a vision.”

“Mystical references to society and its programs to help may warm the hearts of the gullible but what it really means is putting more power in the hands of bureaucrats.”

“Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated.”

“Socialism in general has a record of failure so blatant that only an intellectual could ignore or evade it.”

“Tariffs that save jobs in the steel industry mean higher steel prices, which in turn means fewer sales of American steel products around the world and losses of far more jobs than are saved.”

“The most basic question is not what is best, but who shall decide what is best.”

“The most fundamental fact about the ideas of the political left is that they do not work.   Therefore we should not be surprised to find the left concentrated in institutions where ideas do not have to work in order to survive.”

“The real goal should be reduced government spending, rather than balanced budgets achieved by ever rising tax rates to cover ever rising spending.”

“Too much of what is called “education” is little more than an expensive isolation from reality.”

“What ‘multiculturalism’ boils down to is that you can praise any culture in the world except Western culture – and you cannot blame any culture in the world except Western culture.”

“Would you bet your paycheck on a weather forecast for tomorrow?  If not, then why should this country bet billions on global warming predictions that have even less foundation?”

“The assumption that spending more of the taxpayer’s money will make things better has survived all kinds of evidence that it has made things worse.   The black family- which survived slavery, discrimination, poverty, wars and depressions- began to come apart as the federal government moved in with its well-financed programs to “help.””

“Most people who read “The Communist Manifesto” probably have no idea that it was written by a couple of young men who had never worked a day in their lives, and who nevertheless spoke boldly in the name of “the workers”.”

“Despite a voluminous and often fervent literature on “income distribution,” the cold fact is that most income is not distributed: It is earned.”

“It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.” [bureaucrats]

What is ominous is the ease with which some people go from saying that they don’t like something to saying that the government should forbid it.  When you go down that road, don’t expect freedom to survive very long.


Americanly Yours,

Phred Barnet

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Excerpt

March 04, 2009 By: Phred Category: Uncategorized

“He did not know why he suddenly thought of the oak tree.  Nothing had recalled it. But he thought of it and of his childhood summers on the Taggart estate.  He had spent most of his childhood with the Taggart children, and now he worked for them, as his father and grandfather had worked for their father and grandfather.  The great oak tree had stood on a hill over the Hudson, in a lonely spot of the Taggart estate.  Eddie Willers, aged seven, liked to come and look at that tree.  It had stood there for hundreds of years, and he thought it would always stand there.  Its roots clutched the hill like a fist with fingers sunk into the soil, and he thought that if a giant were to seize it by the top, he would not be able to uproot it, but would swing the hill and the whole of the earth with it, like a ball at the end of a string.  He felt safe in the oak tree’s presence; it was a thing that nothing could change or threaten; it was his greatest symbol of strength.  One night, lightning struck the oak tree.  Eddie saw it the next morning.  It lay broken in half, and he looked into its trunk as into the mouth of a black tunnel.  The trunk was only an empty shell; its heart had rotted away long ago; there was nothing inside—just a thin gray dust that was being dispersed by the whim of the faintest wind. The living power had gone, and the shape it left had not been able to stand without it.  Years later, he heard it said that children should be protected from shock, from their first knowledge of death, pain or fear.  But these had never scarred him; his shock came when he stood very quietly, looking into the black hole of the trunk.  It was an immense betrayal—the more terrible because he could not grasp what it was that had been betrayed.  It was not himself, he knew, nor his trust; it was something else…”

Borrowed from Atlas Shrugged.

Americanly Yours,

Phred Barnet

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More Of Your Money For AIG

March 02, 2009 By: Phred Category: Uncategorized

In its infinite wisdom, our government has once again decided to bailout AIG by giving them billions more in tax payer money.

The government had already spent $150,000,000,000 [$150 billion] bailing out and nationalizing AIG before this latest bailout was announced.  But, now, the governments newest plan has loaned AIG an additional $30,000,000,000 [$30 billion].  That of course gives us a total of $180,000,000,000 [$180 billion], yet many analysts are saying that AIG will probably “need” another bailout and that total money “loaned” to AIG could top $250,000,000,000 [$250 billion]!

Even if the loans were to stop now, AIG would have immense difficulty ever paying them back.  $180,000,000,000 [$180 billion] even without interest is a substantial sum to have to pay someone back.  Even if AIG’s profits were to return to what they were before this whole mess started, it would take AIG over 20 years to pay back not including interest if they were to take every penny of profit and throw it at their debt.

Joseph Stiglitz, a nobel prize winning economist who has advised both President Clinton and President Obama has spoken out against these bailouts of AIG and the banks–he argues that not only will throwing this kind of money at the banks will create an investment bubble even bigger than the one that just burst, but doing so could also downgrade our standard of living for the next 20 years.

Enough is enough!

We should let this company fail, rather than continue to subsidize its failures and stupidity.

The real free market solution here is not to continue to throw unfathomable sums of money at AIG hoping that this money will eventually stabilize it.  Rather, the real solution here is to let AIG fail.  AIG’s assets should be auctioned off in the open market under the guidence of a bankruptcy court.  No, their assets and businesses wont get anything enar their “book values.”  Investors and business, however, will pay something for AIG’s name, businesses, real estate assets, and receivables.  In a real free market solution, investors would put up their own money and buy these pieces of AIG at a low enough price that they will believe that they have a good chance to make a profit.  This price would probably only be pennies on the dollar, but repricing “bad” or overvalued assets is a very important aspect of the free market system.

Under this solution, AIG’s pieces would probably become parts of other insurance and financial companies, or they would end up being owned by large investors.  With assets and receivables being bought at rock bottom prices, AIG’s new owners would be able to operate with confidence that good decisions will lead to profit, as they wouldnt be saddled with such an enormous debt.

This would also prevent the credit markets from further locking up by allowing AIG and its parts to continue to operate, although most likely as parts of other companies.  And, most importantly, all of this is accomplished without creating a new “bubble” that will inevitably burst in the not so distant future, causing yet another financial crisis and risking our future.

Americanly Yours,

Phred Barnet

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Protest

March 02, 2009 By: Phred Category: Uncategorized

Hundreds of people came out to protest the bailouts on Friday in front of the Georgia State Capitol despite the torrential rainfall.  It was a beautiful sight to see the steps of the capitol completely filled with people voicing their opposition to this wasteful spending.  I read in the Christian Science Monitor that over 1000 protesters showed up at a similar event in St. Louis.

Hopefully these events will continue to be held and the momentum will keep building until our government listens to its citizens.  Please pledge to join the cause by clicking the button on the right.

Americanly Yours,

Phred Barnet

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